Zenith Bank Plc (NGX: ZENITHBANK) has extended the deadline for its ongoing N289.38 billion Rights Issue and Public Offer by two weeks, to September 23, 2024.
The closing date was initially set as September 9, 2024. The offer was launched on 1st August, 2024. Zenith Bank targets N188 billion from the rights issue and N101billion from the public offer.
The capital raised from the combined offer will be used to strengthen the banks operations, enhance market presence, and improve its balance sheet.
According to the bank, the extension is as a result of disruptions caused by nationwide protests that began on the same day the offer was launched.
Zenith Bank Plc is offering Rights Issue of 5,232,748,964 Ordinary Shares at N36 per share and Public Offer of 2,767,251,036 ordinary shares at N36.50 per share.
The rights issue, which allows existing shareholders to buy additional shares at a discounted is on the basis of one new ordinary share for every 6 ordinary shares held.
On the other hand, Public Offer provides new investors with an opportunity to acquire shares and benefit from the bank’s growth.
The Nigeria’s tier-1 lender grew its gross earnings by 117 percent from N967.3 billion in the first half of 2023 to N2.1 trillion in the first half of 2024.
Its profit after tax (PAT) grew by 98 percent from N291.7 billion in the first half of 2023 to N577.8 billion in the first half of 2024.
The bank announced an interim dividend recently of N1 per share, the highest half-year (H1) dividend payout in its history.
On Tuesday, its share price closed flat at N37 per share on the floor of the Nigerian Exchange.
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.